Unfortunately those are my two options. After being screwed over as a teen, I was left with 15,000 of debt from an apartment, as well as 5,000 of my own debt. I need to move out by the end of summer. thoughts?
heres the situation:
when i was 19 and living with a family friend, she stopped paying rent and did not tell me. we got evicted and left with 15,000 debt. I got the eviction off my record but the debt is still on my credit report. Its been about four years since, living with my mom now, and I have not been able to catch up. combined with my own debt, im 20,000 in the hole.
Because of interpersonal and financial reasons, i’ve decided I need to move out asap. My partner and our friend both have leases up at the end of summer and I know its a fast approaching deadline but I am determined to be ready. ive done vague but overestimated calculations and i believe moving out will not put me in a much worse financial situation.
so at this point, it looks like I need to pick a battle: try to rent with all the apartment debt and poor credit score or try to rent with a bankruptcy. I just need advice on which path to take.
edit: i am not interested in options that require me to pay that 15,000. if I dont file for bankruptcy it should drop off my credit report in three years and its just not realistic for me to even try to begin paying that large sum when I cant even wrangle my own debt.
edit2: i know it sounds like a better financial situation to stay with my mom, but its not much different. my rent will be about the same. also she is NOT financially stable. she is actively losing business and asking more money of me. which is understandable but im already struggling ‘at home’ so why should i stay. its a struggle either way so i might as well do it in my own space with people who i trust and make more than me.